智通财经APP获悉，中国汽车流通协会商用车专业委员会提供的销量数据显示，2025年7月，新能源商用车零售销量为7.15万辆，同比增长52.15%，环比 下降4.30%。1-7月，新能源商用车累计零售销量为42.95万辆，同比增长56.08%。 一、2025年7月新能源商用车零售销量 中国汽车流通协会商用车专业委员会提供的销量数据显示，2025年7月新能源商用车零售销量为7.15万辆，同比增长52.15%，环比下降4.30%。其中96.35% 的销量来源于纯电动商用车，销量达到6.89万辆，同比增长53.75%。 从企业/品牌表现来看，TOP5企业/品牌销量占比为36.49%，分别是吉利远程、福田汽车、上汽五菱、徐工汽车和陕西汽车。 从类型来看，新能源卡车销量为4.39万辆，占比61.37%，同比增长78.51%，环比下价格8.19%;新能源客车销量为2.76万辆，占比38.63%，同比增长 23.23%，环比增长2.61%。 二、2025年1-7月新能源商用车累计零售销量 2025年1-7月新能源商用车累计零售销量为42.95万辆，同比增长56.08%。其中96.45%的销量来源于纯电动商用车，销量达到41. ...

证券研究报告 宇通客车 (600066 CH) Q2 业绩稳健向上,看好 H2 增长弹性 | 华泰研究 | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | | 2025 年 | 8 月 27 日│中国内地 | 商用车 | 目标价(人民币): | 32.86 | 公司 25H1 实现收入 161.29 亿元/yoy-1.3%，归母净利润 19.36 亿元 /yoy+15.7%；25Q2 实现收入 97.12 亿元、yoy-0.08%/qoq+51%，归母净 利 11.8 亿元、yoy+16%/qoq+56%。同时公司延续高分红策略，半年报分红 10 派 5 元（含税），25H1 分红占归母净利率 57%。我们基本维持盈利预 测，考虑公司为出口业务态势强劲/现金流充足/高股息品种，维持增持评级。 海外新能源客车出口占比提升+经营效率改善，25Q2 贡献显著利润增量 25Q2 公司归母净利润同比+16%，我们认为主要得益于公司的海外新能源 出口占比提升且经营效率提高，贡献了明显利润增量：①量：25H1 公司实 现客车销量 2.13 万辆/yoy+3 ...

宇通客车 20250826 摘要 2025 年上半年宇通客车大中型客车销量 1.75 万辆，同比减少 5%，其 中座位车销量同比减少 11%，公交车销量同比持平，新能源车辆同比增 长 36%。 宇通客车预计全年国内客车销量约 3.65 万辆，同比增长 10%左右；出 口约 1.65 万辆，同比增长 18%；新能源出口约 3,300 辆，同比增长 22%；全年总销量预计约 5.3 万辆，同比增长 13%。 国内旅游客运需求下降，宇通通过提升产品质量、售后服务及推出高端 产品等措施，提高了竞争力，座椅和公交细分市场占有率分别提升了七 个点和九个点。 宇通客车在欧洲市场的主要竞争对手是奔驰、戴姆勒和沃尔沃等当地品 牌，但在电机集成度、功率、能量利用效率、整车轻量化、电池寿命和 充电速度等方面仍具有明显优势。 宇通客车海外新能源市场需求稳定且增速加快，特别是在欧洲和拉美地 区，新能源增长趋势不可逆转，公司长期目标是海外销量达到 3 万辆。 2025 年上半年国内新能源客车销量占比达到 31%，较去年提升了十个 百分点，显著带动了价格和毛利的提高。 宇通客车 2025 年下半年可期待的大单包括巴基斯坦 400 台订单、 ...

人民财讯8月26日电，中通客车（000957）8月26日晚间披露半年报，公司2025年上半年营业收入为 39.41亿元，同比增长43.02%；归母净利润1.9亿元，同比增长71.61%；基本每股收益0.3211元。公司在 新能源客车出口方面取得关键突破，海外市场正逐步成为公司业绩增长的重要支撑。 ...

近日，无锡新区公共交通有限公司发布纯电动城市客车采购项目，计划采购车型为长度9米以 上的新能源客车17辆，总预算2040万元。 1、招标条件 本招标项目为无锡新区公共交通有限公司纯电动城市客车采购项目。项目业主为无锡新区公共 交通有限公司,资金来自国有。项目已具备招标条件，现对该项目进行公开招标，特邀请有兴 趣的潜在投标人参加投标。 2、项目概况与招标范围 2.1 项目概况 2.1.1合同估算价：2040.0万元 2.1.2其他： 2.2招标范围：本次招标范围为无锡新区公共交通有限公司纯电动城市客车采购项目，采购车 型为长度9米以上的新能源客车，数量17辆，具体内容包括：车辆的制造（采购）、运输、装 卸、安装、调试、售后服务、技术培训等直至通过招标人的验收以及质量保修、免费维保等全 部工作。 3、投标人资格要求 3.1 投标人及拟派项目负责人应具备的要求： 3.1.1投标人须是在中华人民共和国境内注册的法人企业或其他组织； 3.1.2、投标人须提供通过"信用中国"网站（www.creditchina.gov.cn）渠道查询企业信用记 录报告并网上打印，未提供上述信用记录或被列入失信被执行人、严重违法失信行为记 ...

Core Viewpoint - The bus industry represents China's automotive manufacturing sector becoming a global leader in technology output, with overseas market contributions expected to create a new market equivalent to China within 3-5 years [4]. Group 1: Driving Factors for the Bus Cycle - Timing: The bus industry aligns with the national strategy of "China's Special Valuation" and is a strong advocate of the "Belt and Road" initiative, leveraging over a decade of international experience to follow national strategies and promote Chinese manufacturing abroad [4]. - Location: The technology and products of the bus industry have reached world-class standards, with China leading in new energy buses and being competitive in traditional buses in terms of cost-effectiveness and service [4]. - Human Factors: The end of the price war in the domestic market is expected to resonate positively, with demand recovering due to tourism and public transport renewal needs, potentially returning to 2019 levels [4]. Group 2: Profitability Outlook for the Bus Industry - The absence of price wars domestically, an oligopolistic market structure, and higher profit margins in overseas markets for both new energy and traditional buses are expected to drive profitability [5]. - The continuous decline in lithium carbonate costs will further support profitability [5]. Group 3: Market Capitalization Potential - The short-term goal is to challenge the market capitalization peak from 2015-2017, while the long-term goal is to establish a new ceiling, witnessing the emergence of a true global bus leader [6]. Group 4: Investment Recommendations - Yutong Bus is highlighted as a "model student" with high growth and dividend attributes, with projected net profits for 2025-2027 at 4.63 billion, 5.52 billion, and 6.68 billion yuan, respectively, reflecting year-on-year growth of 12%, 19%, and 21% [7]. - King Long Motor is noted as the "fastest improving student," with a significant profit rebound expected, projecting net profits for 2025-2027 at 440 million, 640 million, and 830 million yuan, with year-on-year growth of 182%, 45%, and 28% [8].

2025年8月15日，配套中集车辆DTB·渣土车业务上装的200辆徐工汽车有序驶出驻马店工 厂，奔赴国际市场。 量身定制，破解工况难题 该批产品针对西亚北非地区高温、多尘、重载工况及作业需求定制设计，满足当地认证要求。 上装采用高强度钢制造，旨在提升车辆整体的耐用性及出勤率。 百台交付，印证市场认可 本批百台自卸车的顺利交付，标志着海外市场对中集车辆DTB自卸上装实力的认可，也彰显了 中国制造在高端专用车领域的国际竞争力。 持续深化合作，服务全球客户 中集车辆DTB·渣土车业务将始终以客户需求为出发点，专注提升产品性能与可靠性，持续完 善服务保障体系，深化与主机厂的合作，为市场提供更契合需求的工程运输解决方案，助力全 球客户用车无忧，高效运营。 ● 又一批东风新能源重卡投运！ ● 1.91亿元招标180辆公交车！ ● 宇通增89% 创维杀进前二 比亚迪/中车翻倍 7月新能源客车销量看点 | 头条 ● 解放/江淮居前二 重汽/比亚迪大涨 7月中卡降幅缩窄 ● 远 程 / 福 田 超 2 0 0 0 辆 争 冠 跃 进 / 重 汽 大 涨 7 月 新 能 源 轻 卡 销 1.5 万 辆 增 7 3 % | 头 条 ...

Core Viewpoint - In July 2025, China's sales of new energy buses (over 7 meters) showed a significant year-on-year increase of 81.24%, despite a month-on-month decline of 21.29% [1][2]. Sales Performance Overview - Total sales in July reached 3,701 units, with a cumulative sales figure of 21,851 units from January to July, marking a year-on-year growth of 35.71% [1][2][11]. - The top three companies in July were Yutong Bus, Nanjing King Long Chuangwei, and BYD, with sales of 676, 573, and 559 units respectively [2][4][6]. Company Rankings and Changes - Yutong Bus maintained its leading position with a year-on-year growth of 89.36% [2][4]. - Nanjing King Long Chuangwei experienced a remarkable month-on-month increase of 1,946.43% and a year-on-year increase of 2,765.00%, marking its first entry into the top three [4][6]. - BYD's sales increased by 55.28% month-on-month and 109.36% year-on-year, moving up two positions in the rankings [4][6]. Market Share Analysis - The top three companies accounted for 48.85% of the market share in July, a decrease of 6.64 percentage points from June [8]. - The top five companies held nearly 70% of the market share, while the top ten companies collectively accounted for 87.76%, down 5.05 percentage points from the previous month [8]. Segment Performance - In July, the bus segment saw a year-on-year increase of 123.10%, while the seat bus segment grew by 30.01% [12][13]. - Cumulatively, the bus segment's year-on-year growth reached 52.94%, and the seat bus segment showed a slight increase of 1.91% [12][13]. Cumulative Sales Insights - From January to July, the cumulative sales of new energy buses reached 21,851 units, with eight out of the top ten companies showing growth [11][17]. - Notable performers included King Long, Zhongtong, and Nanjing King Long Chuangwei, all achieving over 100% year-on-year growth [11][17]. Future Outlook - The demand for new energy buses is increasing, leading to intensified competition among companies, including both leading and mid-tier players [23]. - The market is expected to see further innovations and upgrades in products to meet the diverse needs of public transport and passenger services [23].

Core Viewpoint - The bus industry is experiencing a growth phase driven by both export increases and domestic demand recovery, with leading companies expected to continue releasing performance elasticity [1][2] Export Growth - In 2024, China's medium and large bus exports are projected to reach 45,000 units, a year-on-year increase of 38%, benefiting from demand in the Middle East, Asia, and Latin America, as well as an increase in market share for Chinese brands [2][3] - The top five export markets for Chinese buses in 2024 will be the Middle East, Asia, the Commonwealth of Independent States, Latin America, and Africa, accounting for approximately 90% of total exports [4][5] Domestic Market Recovery - Domestic sales of medium and large buses are expected to reach 71,000 units in 2024, a year-on-year increase of 27%, driven by public transport subsidies and the recovery of the tourism market [2][6] - The new round of public transport subsidies will increase the single vehicle subsidy from 60,000 to 80,000, further stimulating domestic demand [2][6] Industry Structure - The bus industry has a high concentration, with the top three companies accounting for over 70% of exports and over 60% of domestic sales [2][5] - The gross profit margin for leading companies, especially in the new energy sector, is significantly higher than that of domestic sales, which will help improve profitability [2][4] New Energy Bus Market - In 2024, global sales of new energy medium and large buses are expected to reach approximately 62,000 units, with a penetration rate of 18%, and domestic penetration reaching 56% [3][4] - The average selling price (ASP) for new energy buses exported from China is around 1.2 to 1.8 million yuan per vehicle, which is 2 to 4 times that of fuel buses [4]

Investment Rating - The report maintains an "Accumulate" rating for BYD, indicating a projected stock price increase of 5% to 15% relative to the industry index over the next six months [5]. Core Views - BYD's overseas sales have significantly increased, with cumulative exports exceeding 500,000 vehicles from January to July 2025, showcasing the company's strong market expansion capabilities [2]. - The company has actively reduced inventory in response to national calls against excessive competition, reflecting a strategic shift to balance supply and demand [8]. - The recent production and sales data indicate a proactive approach to inventory management, with production in July 2025 at 318,000 units, a slight decrease of 0.92% year-on-year, while sales rose by 0.56% to 344,000 units [1]. Financial Summary - Revenue projections show a steady increase from 602.3 billion CNY in 2023 to 1,423.9 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 19% [1]. - Net profit attributable to shareholders is expected to grow from 30.0 billion CNY in 2023 to 82.8 billion CNY in 2027, reflecting a robust growth trajectory [1]. - The report forecasts a return on equity (ROE) of 20.8% in 2023, increasing to 24.1% by 2027, indicating strong profitability [1]. Market Position and Strategy - BYD's market share in the export of new energy buses is notable, with a 27.29% share in the first half of 2025, highlighting its leadership in the sector [10]. - The establishment of a new factory in Brazil marks a significant step in BYD's global strategy, enhancing local production capabilities and supply chain collaboration [8]. - The company's proactive response to industry challenges, including price competition, positions it favorably for sustainable growth in the new energy vehicle market [8].